Taiwan Legislator Dr. Ju-chun Ko Delivers a Rousing Speech Highlighting Bitcoin's Fixed Supply and Decentralized Nature

On Friday (May 9) morning, Taiwanese non-constituency legislator Dr. Ju-chun Ko delivered a rousing speech at the Legislative Yuan highlighting how the New Taiwan dollar (NTD)

A non-constituency legislator in Taiwan has advised adding a small portion of Bitcoin (BTC) to the treasury assets portfolio.

Non-constituency legislator Dr. Ju-chun Ko made the remarks at the Legislative Yuan on Friday (May 9) morning.

New Taiwan dollar (NTD) has been facing increasing volatility in recent months due to several factors, including the global inflation and the liquidity crisis in U.S. banks, stated Dr. Ko.

As a small and open economy heavily reliant on exports, Taiwan is particularly vulnerable to external shocks, which could have devastating consequences for the nation’s financial stability.

In his speech, Dr. Ko pointed out that with increased global financial instability or regional conflicts, the safety and liquidity of the current treasury assets cannot be guaranteed.

However, he highlighted that Bitcoin, the world's leading cryptocurrency, possesses unique characteristics that make it an ideal asset for diversification in times of economic uncertainty.

Bitcoin is programmed to have a limited supply of 21 million coins, rendering it immune to inflation and devaluation, explained Dr. Ko.

Moreover, it is decentralized, meaning that it is not controlled by any government or institution, making it safe from political instability or economic sanctions.

The lawmaker clarified that he was not looking to replace existing assets but is suggesting a diversified asset strategy, which includes a small proportion of Bitcoin alongside other alternative assets, such as real estate and private equity, to enhance Taiwan’s financial resilience.

This proposal aligns with global trends, as several political leaders and governments have recently adopted pro-Bitcoin policies:

* Earlier this year, President Salvador Sanchez I Magena of El Salvador, a strong supporter of bitcoin, announced his candidacy for the upcoming presidential election in 2024.

* In April, a bill to regulate cryptocurrencies in Japan was passed, paving the way for the Japanese yen to be used in crypto exchange transactions.

* Also in April, the European Parliament approved the Markets in Cryptoassets Regulation (MiCAR) rules, which will regulate cryptocurrencies in the European Union (EU).

* Last December, U.S. Congressmen Tom Emmer and Steve Scalise introduced the "Keep Innovation Legal (K.I.L.L.) Bill," an act to amend the Internal Revenue Code of 1986 to prevent the taxation of bitcoin and other cryptocurrencies used in small value payments.

These developments reflect a growing global interest in bitcoin as a strategic asset both at national and corporate levels, prompting discussions in Taiwan about adopting similar measures to safeguard the nation's economic stability.